Federal Realty Investment (0IL1.L) Q4 2024 Earnings Report

Revenue: $311.444 million (YoY +6.73%, QoQ +2.57%).
Gross Profit: $209.495 million (YoY +6.82%, QoQ +2.85%).
Operating Income: $109.319 million (YoY +0.50%, QoQ +3.29%).
Net Income: $65.537 million (YoY +2.24%, QoQ +7.52%).
EPS (diluted): $0.75 (YoY -1.32%, QoQ +7.14%).
Gross Margin: ~67.27%; Operating Margin: ~35.10%; Net Margin: ~21.04%.
EBITDA: $198.553 million; EBITDAR: 0.64x of revenue proxy.
Cash Flow: Net cash from operating activities $119.6 million; Free cash flow $55.24 million; Capital expenditures $64.36 million; Dividends paid $95.04 million; Net change in cash $29.84 million.
Balance Sheet: Total assets $8.525 billion; Total liabilities $5.100 billion; Total stockholders’ equity $3.172 billion.
Leverage: Total debt $4.561 billion; Net debt $4.438 billion; Debt-to-capitalization ~59.9%; Debt ratio ~55.6%.
Liquidity: Cash and cash equivalents $123.4 million; Cash at end of period $135.4 million; Cash flow to debt and capex coverage signals moderate liquidity cushions, though the company operates with a high capital expenditure cadence typical of a redevelopment-focused retail REIT.